Baosteel Stainless Cuts Prices for August

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Baosteel Stainless, one of China’s top producers of stainless steel, has cut prices for August. Baosteel cut its prices for 304 grade cold rolled coil and hot rolled coils by CNY 1,400 per ton for August.

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On the LME, the 3-month price of nickel increased 0.4 percent to $19,220 per metric ton. The Indian nickel cash price saw the biggest upwards shift for the day, rising 0.7 percent to close at INR 1,157 ($19.27) per kilogram on Monday, July 28. On the LME, the spot price of nickel rose 0.4 percent to $19,150 per metric ton.

Chinese stainless steel prices were flat for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,340) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,414) per metric ton.

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The Allegheny Ludlum 316 stainless surcharge saw little movement yesterday at $1.28 per pound. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,198) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,648) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,600) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,648) per metric ton.

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